Consolidated statement
of cash flows 2010/11

Operating activities

Profit for the period

186,799

594,559

Adjustments

23

546,942

600,011

Changes in working capital

872,386

–236,950

Cash flows from operating activities

1,606,127

957,620

Investing activities

Additions of other intangible assets, property, plant and equipment

–615,419

–467,155

Income from disposals of assets

31,819

11,904

Cash flows from changes in the consolidation range and acquisitions
of non-controlling interests

–3,304

–11,647

Additions of other financial assets

–327,586

100,237

Cash flows from investing activities

–914,490

–366,661

Financing activities

Dividends paid

–246,776

–155,525

Dividends paid to non-controlling interests/
other changes in equity

–7,636

–6,112

Acquisitions/disposals of own shares

4,104

5,160

Borrowing/repayment of financial liabilities

–289,256

–233,984

Cash flows from financing activities

–539,564

–390,461

Net decrease/increase in cash
and cash equivalents

152,073

200,498

Cash and cash equivalents, beginning of year

857,737

1,028,619

Net exchange differences

15

18,809

4,316

Cash and cash equivalents, end of year

1,028,619

1,233,433

In thousands of euros